University of Twente Student Theses


Overcoming the gender gap in entrepreneurship : the impact of CEO gender on IPO performance

Scholte Lubberink, D. (2023) Overcoming the gender gap in entrepreneurship : the impact of CEO gender on IPO performance.

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Abstract:Even though feminism and equality are becoming more prominent, women still earn less, get promoted less frequently, and are underrepresented in leadership positions. Ever since the NASDAQ index was founded, only 29 companies have gone public represented by a female CEO. However, even some of the most popular companies worldwide are led by female CEOs. This study investigates the extent of the effect of CEO gender on Initial Public Offering (IPO) performance. All IPOs from firms with a female CEO are compared to a random sample of IPOs from firms with a male CEO. This is done through Independent Samples T-tests, ANOVA, and Fisher’s Exact Test on data retrieved from Crunchbase and the NASDAQ index. The results indicate that CEO gender has a significant effect on IPO performance. CEO gender has a moderately positive effect on both the pre-IPO firm valuation and the post-IPO firm valuation, and it has a small positive effect on the IPO value. Thus, CEO gender has a significant positive value on IPO valuation, at the disadvantage of female CEOs. A moderately negative relationship was found between CEO gender and the amount of underpricing, indicating that female CEOs experience higher underpricing in their IPOs.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:Business Administration MSc (60644)
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